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Facebook & Instagram Will Allow NFTs To Share On Profile

Facebook & Instagram Will Allow NFTs To Share On Profile

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Meta announced that it will allow users to showcase their NFT digital collectibles via their profile.

Meta is a popular social media company formerly known as Facebook. In the last quarter of 2021, Facebook changed its name to Meta to indicate that the company is putting most of its efforts into a concept-based project based on advanced virtual reality.

On August 29th, Meta announced that it will allow users to showcase their NFT profiles from their profile status this week. As part of this announcement, only a limited number of Instagram and Facebook users will be allowed to use this feature.

Previously, Meta announced that it will allow content creators and businesses from Africa, Asia Pacific, the Middle East and the Americas to display NFT images on their Instagram profiles.

In May 2022, Meta announced for the first time NFT support for users through public blockchain network-based verification.

At the time, the company said:

“It’s critical that our early efforts in this space enable diverse voices and that underrepresented groups have access to new digital resources like NFTs.”

Also reported to read that the company aims to lower the barrier to entry in the NFT sector for non-crypto users. In its second quarter revenue report, the company confirmed that it lost about $5.7 billion as part of the Metaverse build. The company said This will be a very expensive undertaking over the next few years.

At the time, the company said that Meta aimed to contribute to Metaverse to make the human-to-human entertainment and communication system different and unique to provide a better user experience.

It is interesting to note that Vitalik Buterin, the co-founder of Ethereum, said that Metaverse does not know what people want from Metaverse and maybe the company may not make a useful Metaverse.

Read also: Dubai’s VARA publishes guidelines for crypto advertising

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